1PM sees FY adjusted pre-tax profit materially above market views

8th Jul 2016 12:45

(ShareCast News) - Independent specialist finance provider 1PM says its group full-year adjusted pre-tax profit will be materially above current market views."The trading results for the year ended 31 May 2016 will show strong growth in revenue and profits compared with the prior year," said the company, which is focused on the SME sector."Revenue for the group will be in line with current market expectations and adjusted profit before tax for the group will be materially above current market expectations," it said.Trading subsidiaries 1pm, Academy and Bradgate had continued to experience high levels of demand for finance from the SME sector, the company said.This demand was across the range of products offered, being asset finance for 'hard' and 'soft' assets, business loans and vehicles broking.The company said the total value of asset finance and loan deals originated and funded by the group in the year to end-May totalled £31.0m."In addition, since their respective dates of acquisition Academy and Bradgate generated commission income from broking-on a further £7.8m of asset finance deals."At 12:41 BST, shares in 1PM were up 7.9% to 61.5p.